Investors' Soapbox AM

Independent Refiners Have 50% Upside

Credit Suisse upgraded Phillips 66, Delek and Marathon to Outperform.

October 29, 2012

Credit Suisse

Last month, when we took the independent-refiner sector to Market Weight, we were worried that a fall in margins and West Texas Intermediate-Light Louisiana Sweet spreads through 2013 would interrupt the upswing for the group that is justified by their improved free-cash generation.